OHSU sells OGI campus in Hillsboro for $44.4 million
Portland Business Journal - 1:40 PM PST Monday
Oregon Health & Science University has sold its 40-acre Hillsboro science and engineering campus to Wakefield Capital LLC for $44.4 million.
The deal, announced this morning, covers the OGI School of Science and Engineering campus at 20000 N.W. Walker Road. The complex includes 15 buildings with 286,000 square feet of office and lab space. OHSU will lease the property for seven years, with two three-year options that extend its occupancy for up to 13 years.
It is the first Northwest acquisition for Wakefield Capital, a private equity fund in Chevy Chase, Md. The fund invests in strong, single-tenant properties in the health care industry.
"(This) now allows the university to invest more than $24 million into its endowment fund for the future," said Gary Griff, senior director for the capital markets group at Cushman & Wakefield Inc., one of the brokers on the team.
OHSU President Joseph Robertson Jr. said the sale represents a step toward the school's consolidated future.
"This brings us another step closer to fully realizing the potential of merging a school of science and engineering with an academic health center," he said.
OHSU recently committed nearly $40 million for construction of the $57 million Portland Aerial Tram to link the OHSU health campus with the new South Waterfront District at the base of the hill.
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